The Artificial Intelligence In Drug Discovery Market is being driven by Availability of funding
The Artificial Intelligence In Drug Discovery Market is expected to grow at a CAGR of 25.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 4318.4 million. The global artificial intelligence (AI) market in drug discovery is experiencing a noteworthy trend towards strategic partnerships. These collaborations are essential for pharmaceutical companies to expedite the development of innovative therapeutics by utilizing advanced AI technologies. For instance, in September 2024, Insilico Medicine, a clinical-stage biotechnology firm specializing in generative AI, announced a strategic partnership with Inimmune. This collaboration aims to leverage Insilico's proprietary AI technology, Chemistry42, to accelerate the discovery and development of next-generation immunotherapeutics. Initially, Inimmune will utilize Chemistry42 to tackle specific challenges within their drug discovery pipeline. This alliance underscores the importance of AI in addressing complex drug discovery challenges and enhancing overall efficiency within the industry.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Deployment (Cloud-based, On-premises) Therapeutic Area (Oncology, Infectious diseases, Neurology, Metabolic diseases, Others) Geography (North America, Europe, APAC, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Artificial Intelligence In Drug Discovery Market Research Report
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Artificial Intelligence (AI) is revolutionizing the drug discovery industry by optimizing various aspects, including drug structure and clinical trials, personalized medicine, disease prediction, digital health, and drug delivery. AI applications extend to drug resistance, safety, disease association, hit compounds, repurposing, biomarker discovery, gene data, and drug discovery platforms. Precision medicine, safety monitoring, and healthcare innovation are also significantly impacted. Biotechnology, pharmaceutical innovation, medical diagnostics, and regulatory compliance are further areas of application. AI is used for target identification, regulatory certification, and professional standards in drug design. Healthcare, biopharma, and medical device industries are benefiting from AI for drug development, efficacy testing, and regulation.
In the realm of business and healthcare, Artificial Intelligence (AI) is revolutionizing drug discovery, particularly in the context of chronic diseases. The AI in Drug Discovery market falls under the application software sector of the IT industry. This market comprises organizations specializing in creating AI-driven solutions for drug development, clinical trials, and disease event prediction. Technavio, a leading market research firm, calculates the size of this market based on the consolidated revenue of these companies, encompassing cloud-based software solutions. This sector's growth is driven by the potential to expedite drug development processes and improve patient outcomes.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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